Latest News | True North to Invest USD 75 Million in ILink Digital for Minority Stake
Get latest articles and stories on Latest News at LatestLY. Homegrown private equity fund True North on Thursday said it will invest USD 75 million for a minority stake in the Chennai-headquartered iLink Digital.
Mumbai, Oct 5 (PTI) Homegrown private equity fund True North on Thursday said it will invest USD 75 million for a minority stake in the Chennai-headquartered iLink Digital.
The investment in the digital transformation solutions company will be done over the next 12 months, as per a statement.
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True North's Fund VI will make the investment, and this is the fund's third bet on the technology services sector, the statement said.
The company serves several Fortune 1,000 clients and is focused on helping clients navigate the complexities of evolving technology and business landscape, it said.
It employs 2,500 people across 18 offices in eight countries, including the US, India, Mexico, Portugal, Canada, the UAE, Malaysia, and Singapore.
The funds will be deployed for acquisitions of companies having deep domain and technology expertise, the statement said, adding that a portion of the proceeds will also be used on employees and clients.
"We want to invest in fast-growing, highly differentiated, innovation-led, globally present and platform-focused digital engineering companies," True North Partner Prasad Thrikutam said.
"We believe the 2020s will breed a new set of challengers and future leaders in the IT tech services landscape; ones who will challenge scale with speed, and incumbency with innovation,” he said.
The company's Chief Executive Sree Balaji said True North's expertise in the tech sector, ability to assist investee companies on acquisitions and their potential to help with an Indian listing were the decisive factors in its decision.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)